Technical analysis

BTCUSD technical analysis – 10 MAR 2020 – bigX

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BTCUSD hourly chart analysis

Trading digital asset at critical support
Figure 1: bigX desktop trader, H1 BTCUSD chart

Key Points

  • The H1 chart should be used for short term trading position entry and exit
  • Our previous week’s target of support of 8200 has been done, and gone beyond, opening up the support level at 7200.
  • This level is support by a number of attempts in the early part of the year
  • For several weeks now, the spike in price from 7600 has been identified in our technical analysis, this spike has now been retraced fully

BTCUSD four-hourly analysis

Consolidated price pattern in the digital asset
Figure 2: bigX desktop trader, BTCUSD H4 chart

Key Points

  • Our previous week’s analysis demonstrated the 8200 support level as well, and this has now been closed
  • The price is currently sitting at an important support level of 8000 which has been supported strongly in the latter part of 2019
  • Once again we reinforce the support level of 7200 is open, but a resistance figure of 8300 is also demonstrated
  • Given the strong bounce of 10000+ several times now, we seem to be in a medium term corrective phase for BTCUSD
  • Potential long positions at strong support levels

BTCUSD daily analysis

Compare:

03 Mar 2020

Forcasting bullish movement in the digital asset
Figure 3: bigX desktop trader D1 chart BTCUSD from 03 Mar 2020

With:

10 Mar 2020

Potenail buying zone for Bitcoin
Figure 4: bigX desktop trader D1 chart BTCUSD from 10 Mar 2020

Key points from 03 Mar 2020

  • Composing both support and resistance levels and channels demonstrates the longer-term price movement to expect
  • Expect price to remain in line with these channels guiding any break-outs
  • Any breakouts would be considerable to the 6000+ price on the short and 11000+ on the long

Key points for 10 Mar 2020

  • Our price channels predicted the short move
  • Given our H1, H4 analysis at the support levels good entries remain around the channel point of 7200 as indicated above in the D1 chart
  • However, any long positions for long term hold are also sound given a potential re-challenge of the 10000+ price
  • Given the nature of planned bitcoin halving and general market conditions potential for longer term bull trends is worth consideration